Assigning the Benefit of Your Right to A Statutory Lease Extension to Your Buyer
Perhaps you have been meaning to do it but hadn’t quite got around to it, or maybe at the time your budget didn’t permit you to sort things out. Either way, you are now selling your flat and the length of your lease is causing a complication with your sale. Thankfully, there is a mechanism whereby you can serve notice on your landlord for a statutory lease extension and assign the benefit of your right to your buyer. This will enable you to proceed with the sale of your flat without delay and allow your buyer to negotiate the terms of the new lease with the landlord without having to wait until they qualify in their own right under the legislation.
If you would like more information or require assistance in this area then please contact Daniel Winslow, Partner and head of this firm’s Leasehold Services department.